ION Mobility Raises US$3.3 Million Seed Round to Launch Smart Electric Motorbikes
Southeast Asia's leading EV motorbike startup announces its inaugural fundraise.
ION Mobility aims to convert the 200+ million motorcycle users in Southeast Asia from petrol to electric to drive a sustainable future.
Notable investors in the round include private and government institutional funds as well as corporate and angel investors
Funding will be used to launch its electric motorbikes in Southeast Asia, expand market presence and develop its R&D, supply chain and manufacturing capabilities.
Singapore, Oct. 16, 2020 - ION Mobility, a smart electric motorbike company which aims to create seamless user experiences for sustainable mobility, announced it has raised US$3.3 million in seed funding today. Notable investors in the round include Monk’s Hill Ventures, TNB Aura, Village Global, 500 Startups’ Southeast Asia focused 500 Durians fund, an AngelCentral syndicate, kipleX and Seeds Capital.
“There is no proven EV motorbike brand in Southeast Asia with products that can compel motorbike riders to join the inevitable electric revolution,” co-founder and Chief Executive Officer James Chan said. “We are committed to offering riders across Southeast Asia superior alternatives to their petrol-based motorbikes with our next-generation, smart and connected electric motorbikes that are clean, aspirational and affordable.”
ION Mobility co-founders James Chan and Joel Chang (Chief Operating Officer) have a strong track record in building and scaling tech companies in Southeast Asia. Prior to ION, James was a tech venture capitalist and entrepreneur at Neoteny Labs, Silicon Straits and Wecash. Joel, an automotive industry veteran, co-founded Scorpio Electric and has previously led a BMW dealer group’s establishment and expansion across Asia.
“Southeast Asia has one of the largest and fastest growing number of motorbike users in the world. With a rising middle class and newer generation of riders craving for affordable, cleaner and relatable motorbikes, ION Mobility is poised to combine technical performance, modern design, and mobile connectivity to the masses. We are excited to be working with James and Joel - representing a rare combination of technical, domain and market know-how - in creating the next iconic startup to emerge from Southeast Asia,” said Kuo-Yi Lim, Co-Founder and Managing Partner of Monk’s Hill Ventures.
The market opportunity for the motorbike industry in Southeast Asia is expected to hit $8.53 billion by 2023. ION Mobility enters the market focusing on Indonesia which has one of the biggest motorbike markets globally, with 2019 motorcycle sales in Indonesia at 6.38 million units a year. ION Mobility plans to launch its first EV
motorbike in Indonesia in 2021. In addition, the company is set to expand its team and operations across Singapore, Jakarta and Shenzhen, develop its in-house research and development capabilities, and build up its supply chain and manufacturing partnerships.
"We at TNB Aura believe that the emergence of a local OEM champion is both necessary and imminent, with Southeast Asia representing 8% of the world population yet 25% of global motorbike demand. We are excited to be supporting strong repeat entrepreneurs James and Joel in bringing a home-grown mainstream EV motorbike offering to the market, starting with Indonesia. Through pushing the boundaries of advanced manufacturing and design, we believe the ION Mobility team is uniquely positioned to take on this enormous opportunity." commented Charles Wong, Co-Founder & Managing Partner of TNB Aura.
About ION Mobility
ION Mobility’s mission is to create affordable, desirable, and sustainable mobility for everyone. We are committed to creating great products and seamless user experiences for our customers. Our products combine advanced software and hardware technology with human-centred design to deliver smart electric motorbikes that are for everyone to use.
We are pushing the frontiers of the region’s automotive industry by developing desirable mobility solutions as clean alternatives for urban users, so as to alleviate urban air pollution and lead the transition to EVs across Southeast Asia, starting with the essential and ubiquitous motorbike.
For more information, please contact us at www.ionmobility.asia.
James Chan, co-founder and CEO of ION Mobility